MLS# 24448955 – 1204 8th St, La Grande, OR 97850 – John Wesley McPherson, Jr., The Portland Team

Listing courtesy of LandLeader.

Property Description

Description

21 Units

Status: Active

Year Built: 1920

Days on Website: 57

Welcome to 1204 8th Street, a unique apartment complex in beautiful La Grande, Oregon. A rare public offering of a six-unit apartment building, the 8th Street Apartments presents an extraordinary opportunity to step into an established complex with strong in-place income and proven upside.The property itself consists of six units, spread through one building. While retaining much of its original character, the property has been extensively remodeled with over $200,000 worth of recent improvements. Five units have been renovated, two of which are currently vacant and recently completed, with the remaining unit ripe for a cosmetic renovation and rents to be reset to market rates. Sited on a flat, centrally located, 0.11-acre lot, 8th Street Apartments enjoys an exceptional location in La Grande. The complex is strategically located adjacent to Eastern Oregon University and within walking distance of La Grande Middle & High School. The property is just blocks from downtown La Grande and multiple parks, as well as a short drive to grocery, retail, employment, and easy access to Highways 84 & 30.Anchored by Eastern Oregon University, La Grande and the Grande Ronde Valley as a whole is a dynamic market, known for its arts scene, recreational opportunities, and natural beauty of the high desert. 8th Street Apartments is an attractive opportunity to unlock significant value from both an established, profitable building and a beautiful, growing city.

Property Details and Features

Property Access

Road Surface Type:

Paved

Building

Built in 1920

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6

Community

Community Features:

Laundry

Cooling

Cooling:

MiniSplit

Expenses

Operating Expense:

$20,859

Exterior Features

Exterior Description:

WoodSiding

Foundation

Foundation Details:

Block,ConcretePerimeter

Heating

Heating Available

Heating:

Ductless,ForcedAir

Income

CAP Rate:

5.12

Gross Income:

$42,609

Gross Rent Multiplier:

10.3

Net Operating Income:

$22,495

Listing

Contract Status Change Date:

2024-03-04

Days On Market:

Last Transaction Date:

2024-04-23 05:07:57

List Price:

$439,000

Listing Contract Date:

2024-03-04

Listing Id:

24448955

Mls Status:

Active

Modification Timestamp:

2024-04-23 05:07:57

On Market Date:

2024-03-04

Previous List Price:

$449,000

Rent Includes:

Electricity,Gas,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_440

County Or Parish:

Union

Lot

Features:

Level

Size Acres:

0.11

Size Range:

SqFt3000to4999

Size Square Feet:

4,791

Size:

3,000 to 4,999 SqFt

Miscellaneous

Investor Information:

AnnualPropertyOperationData

Parking

Features:

OffStreet,OnStreet

Possession

Possession:

CloseOfEscrow

Property

Number Of Units Total:

Property Condition:

Approximately

Zoning:

LG-R3

Roof

Roof:

Composition

Schools

High School:

La Grande

Middle Or Junior School:

La Grande

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$2,844

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,100

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Two

Actual Rent:

$950

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Three

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Four

Actual Rent:

$900

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Five

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Six

Actual Rent:

$598

Features:

Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Utilities

Fuel Description:

Propane

Hot Water Description:

Electricity

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$439,000 -

1204 8th St La Grande , OR 97850

MLS Area Major: _440

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on April 30, 2024 1:45AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.